"Eight years ago I used offensive language during a conversation. It was unacceptable for me to have used that offensive language; there is no excuse for it; and I apologize for having done it," Hogan said in a statement exclusively to PEOPLE. The transcript featuring that conversation was published online by the National Enquirer.

"This is not who I am. I believe very strongly that every person in the world is important and should not be treated differently based on race, gender, orientation, religious beliefs or otherwise," Hogan told PEOPLE. "I am disappointed with myself that I used language that is offensive and inconsistent with my own beliefs."

WWE became aware of the tape late Thursday night and completely cut ties with Hogan, terminating his contract and removing all references of him from their official website. Hogan's lawyer claims he decided to resign from the company, something WWE is clearly disputing.